Just like yesterday morning, market is now due a move higher into the mid afternoon. The hourly candle is already offering a spike floor of sp'2056, with VIX having maxed @ 18.36. Metals are holding moderate gains, Gold +$5.. whilst Oil is -2.3%.
*an early lunch.... bear with me..
*I am holding long INTC, from $29.40.... seeking a move higher into the 31.50/32.00 zone
11.02am...Well, it is typical turn time... market should in theory have another fair chance of turning positive by 2pm.
Again, its notable that the VIX put in yet another lower high.... again indicative of exhaustion in terms of equity downside. The sp'2100s look viable within the near term.
11.10am notable weakness, Alcoa (AA) -4.2%.. ahead of earnings... due at the close.
11.23am.. notable weakness in the USD, -0.7% in the DXY 96.10s. From a pure cyclical perspective.. this downside is expected.. and should last into early August... which will help most asset classes.
11.26am.. Market testing the 200dma of sp'2055..... pretty choppy though.. and so far.. less twitchy trading than yesterday.
INTC.. swings from 29.50 to 29.15.. not so pretty....
11.33am.. Market trying to put in another floor-spike candle.... a move back into the 2060s would confirm it.
Who is getting dizzy from all these swings?